For the first time since 1999, Arsenal will have no European football to play in March.
While their fans won't miss trudging to the Emirates on Thursday nights for the rest of the campaign, it's the thought of missing out altogether next season that's a concern.
The Europa League represented Mikel Arteta's best hope of making the 2020/21 Champions League, with the top four looking ever out of reach.
All this comes after Olympiacos scored in the dying seconds in north London to stun the Gunners and progress to the last-16.
Pierre-Emerick Aubameyang went from hero to villain.
- Aubameyang's heartbroken interview after Olympiacos defeat
- Arsenal have been knocked out of the Europa League
- Pierre-Emerick Aubameyang looked close to tears after miss
Having scored a wonderful overhead kick minutes before, the Gabon international then missed a far easier chance from eight yards with almost the last action of the game.
It says it all that 'Banter FC' was trending on Twitter immediately after the game.
Things really couldn't get much more tragic. Or could they?
Tottenham fans have been taking the opportunity to remind their rivals that Olympiacos were only in the Europa League because they were knocked out of the Champions League group stages.
Spurs inflicted the crucial blow, coming from 2-0 down in Jose Mourinho's first home game to win 4-2 against the Greek outfit.
That ensured another return to the capital city for Pedro Martins and his men - and this time they were rather more successful.
A Mourinho masterclass!
They may not have had an awful lot to cheer about recently over at the Tottenham Hotspur Stadium, but that's sure to raise a wry smile.
It's all the sweeter for Tottenham fans, of course, after Arteta had compared Aubameyang to Harry Kane and mentioned the latter's lack of silverware earlier this week.
"Harry Kane has scored 30 goals [in 2016/17] but never won the Premier League, you know," the Arsenal boss told reporters.
Arteta was trying to illustrate the point that the best players aren't always rewarded with trophies, but that's something which will no doubt be playing on his star striker's mind as they exit another competition - particularly with his contract up in 2021.
Defeat to Olympiacos represents the nadir of Arteta's reign so far and one nobody will have seen coming after a run to the tournament's final last season.
Arsenal are in good company at least, with the likes of Ajax, Sporting Lisbon and Celtic also crashing out.News Now - Sport News